by US correspondent Roger Renstrom
Telehandler manufacturer Terex Corp has reported "stunning" 2005 results and promising near-term prospects for its aerial work platforms business segment.

The segment exceeded expectations for operating profit by USD15 million in the fourth quarter ended December 31. The segment's 2005 sales increased more than 56 per cent, "continuing to reflect the sharp increase" in rental market demand, the company said in a news release.

The segment's backlog at year end was USD482 million, more than three times the backlog at the end of 2004.

Terex chairman Ronald DeFeo, speaking about the overall aerial platforms market, said "customers are healthier than they have ever been, and our product offering is better than ever".

During 2006, "this segment has an outside chance of hitting more than USD1.8 billion of revenue with a strong operating margin. The backlog . . . is no longer the primary measure of this business. That [backlog] is frankly just too large. We need to bring the backlog down by building at greater production rates."

DeFeo said Terex introduced new models at the American Rental Association show, from February 6 to February 9 in Orlando, Florida. "Customers are pleased with our service and support initiatives," he said.

With its additional capacity and talent, "Genie's performance is going to continue to be strong", DeFeo said. Terex acquired Genie Holdings Inc in September 2002 for USD75 million and combined Genie and Terex product lines into the segment.

Robert Wilkerson, segment president, said: "Supply is coming more in line with demand," with seasonality creating a strong backlog. "We had strong, effective price increases from January 1. Overall, it should be a strong year."

On March 9, Westport-based Terex updated financial analysts on the corporation's earnings and 2006 expectations, but delays continue in filing the firm's audited financial statements. The update indicated Terex had record 2005 revenues of USD6.4 billion.

Terex plans to file its 2005 quarterly and annual statements about "four to six weeks" beyond the usual deadline of March 16, the company said in a news release. Terex filed its restated 2004 statements with the US Securities & Exchange Commission on February 17 (Forkliftaction.com News #250).